OMGT3223 REVIEW EXAM I
The exam will cover material from chapter 1 through 5. The Exam
will consist of problem solving questions. THERE WILL BE
NO MULTIPLE CHOICE QUESTIONS. Be prepared for questions
like those presented in the homework. Be prepared to discuss your
methodology, calculations, and explain your answers. Your
calculations and final answer are important but so are your
methodology and explanations.
The following is a sampling of problems and areas in the text and study guide you should peruse. It is a VERY GOOD idea to study the problems that I suggest from the study guide.
Questions on the Exam will look like these types of questions I
suggest (HINT: When I say "look like" that may
mean that a problem on the Exam could be identical to one of these
suggested problems - i.e., it behooves to you to work all the
problems I am suggesting and study the interpretation and
results). It is also a good idea to review your quizzes up
to this point.
Please contact me if you have any questions regarding Exam structure, instructions for Exam completion, and/or questions regarding the suggested review problems.
SUGGESTED REVIEW PROBLEMS:
Chapter 1
Study guide problems #2 and #3. Know how to interpret a cost volume cross over graph.
Chapter 2
Integrated throughout the modeling problems within the Exam itself.
Chapter 3
Study guide problems #1, #3, #6, #7, and #8, also practice finding averages and standard deviations by hand (e.g., from a list of numbers calculate by hand or using your calculator the average and standard deviation of the numbers).
Study joint probability tables, probability trees, & Bayes Rule.
Chapter 4
Study guide problems #2 and #3
Study the three areas of sensitivity analysis: dominance, tradeoffs, & risks. See pages 238-239 & 245-248.
Chapter 5
Study why a manager would use a triangular distribution versus a normal distribution, pages 170-172 (Chapter 3).
Study the three areas of sensitivity analysis & sensitivity graphs, pages 327-328 for example. Be able to discuss the three areas of sensitivity analysis: dominance, trade-offs, and risks.